gibbs is eventually expected to join obama's re-election campaign. taking over for gibbs will be jay carney, who is vice president joe biden's press secretary. >>> the obama administration will issue reform proposals for the troubled mortgage giants freddie mac and fannie mae. between them the two government-sponsored companies hold more than half of all u.s. home mortgages. anthony mason reports. >> reporter: they were created to help the mortgage market, but fannie mae and freddie mac have become the mortgage market. backing $5 trillion worth of home loans. >> what happens with fannie mae and freddie mac could potentially change the face of american housing. >> reporter: set up by congress as private companies, to expand home ownership, fannie and freddie buy up mortgages from lenders, so those banks have money to lend again. but they're now holding hundreds of billions of dollars in bad loans. and the government, which always unofficially backs fannie and freddie, is stuck with them. the white house will present a range of reform models that will